JERUSALEM, Israel - Iran and Turkey announced plans on Monday to boost bilateral trade to $30 billion over the next five years.

Since 2003, when Turkish Prime Minister Recep Tayyip Erdogan took office, Turkey and Iran have steadily increased political, ideological and economic ties with one another.

"There is a political determination in the two countries to develop relations further," the state-sponsored Anatolian news agency quoted Iranian Foreign Minister Ali Akbar Salehi, after he signed a new trade agreement with his Turkish counterpart, Ahmet Davutoglu.

Last year, trade between the two countries hit $10.7 billion, with nearly $3.5 billion in Turkish exports to Iran.